Existing use.
Additional potential.
Understand what already supports a property, then evaluate improvement or development opportunities on their own merits.
Delia Plaza: grocery-anchored retail with proposed pad expansion
Borluv Capital / Proposed Fund One
Real assets.
A longer view.
A proposed commercial real estate strategy informed by Borluv’s Florida operating experience. Acquire selectively. Improve deliberately. Hold with a long-term view.
$100M
Proposed Fund One target
Proposed target only.
Not capital raised or committed.
Acquired alongside partners · December 2024
Not a Fund One holding
Proposed investment strategy · Sponsor transactions are separate from the proposed fund · Terms and governance are not final
Borluv Developments / Selected sponsor evidence, not Fund One results
2013
Established in Florida
Borluv Developments, LLC
Florida company formation
82,000 SF
Delia Plaza, Doral
Grocery-anchored retail center
Joint acquisition · December 2024
$14.45M
JFK Medical Plaza disposition
Property sale price · June 2025
Realized sponsor transaction
These facts describe the sponsor and selected historical property transactions. Transaction prices are not investment returns, equity invested, assets under management or Fund One performance. Ownership may involve partners and separate entities.
01 / The operating perspective
Real estate is a financial asset.
It is also a daily business.
The proposed strategy draws on experience with the work behind a property: leasing space, adapting it to tenants, managing capital improvements and evaluating when to hold or sell. That is the link between the sponsor’s history and Fund One’s ambition.
Existing use.
Lease the space.
Execute the work.
A repositioning requires a tenant solution and the ability to deliver it. A narrative about future value is not enough.
JFK: institutional lease and medical-office buildout before disposition
Think in years.
Manage in detail.
Long-term ownership still requires attention to expenses, tenant rollover, capital needs and the financing calendar.
Tampa: grocery-occupied sponsor asset acquired in 2020
02 / Selected sponsor experience
The work behind
the investment.
Named properties. Identifiable transactions. Specific operating work. These examples belong to Borluv Developments’ sponsor history and affiliated entities; they are not announced Fund One holdings.
Delia PlazaDoral, Florida · Retail
Current sponsor involvement
An established center.
A longer operating plan.
In December 2024, an acquiring partnership purchased an 80% interest in this grocery-anchored center for $29.6 million, implying a $37 million whole-property value at that transaction. Ongoing leasing and proposed pad expansion form part of the operating plan.
82,000 SFApproximate retail center area
$29.6MAcquiring partnership’s 80% interest · December 2024
Read the investment case
The asset: Delia Plaza is a Sedano’s-anchored shopping center at 10750 NW 58th Street in Doral.
The work: sponsor materials describe a proposed 7,000-square-foot QSR/retail pad expansion. Borluv reports ongoing leasing activity as of September 2026. Neither completed expansion nor a new executed lease is claimed.
Transaction attribution: the December 17, 2024 closing records show the acquiring partnership, involving Borluv-affiliated entities and partners, purchased an 80% interest for $29.6 million. The final deed confirms that the existing 20% interest was retained. Dividing the purchase price by 80% implies a $37 million whole-property value at the transaction date. This is not Borluv’s sole ownership, current market value, invested equity, capital raised or a Fund One return; sponsor-specific economic interests must still be attributed separately.
Ocean Bank announcement · December 30, 2024
Public transaction report
Sponsor involvement as of September 2026. This example does not establish Fund One ownership, sponsor ownership percentage or an investor return.
JFK Medical PlazaPalm Beach County, Florida · Medical office
Realized / Sold June 2025
Reposition.
Lease. Deliver. Exit.
Acquired in 2021, the medical-office property was repositioned through institutional leasing and a medical-grade buildout. A lease with a Health Care District of Palm Beach County affiliate commenced in October 2024, followed by the property’s sale in June 2025.
26,283 SFRemodeled and leased portion · Not total building area
$14.45MProperty sale price · June 13, 2025
Read the investment case
Acquisition: the property acquisition closed July 6, 2021. The property was acquired through BD 4801 LLC. Purchase and sale prices alone do not establish an investor return.
Operating execution: the executed 2022 lease and 2023 amendment identify 26,283 rentable square feet on floors one through three. The signed commencement agreement confirms October 1, 2024 commencement. This lease area is not the building’s total area.
Disposition: closing evidence confirms the June 13, 2025 sale at $14.45 million. Public reporting identifies Borluv Developments as seller and Alaimo Group as buyer.
Health Care District audited statements · Lease commencement corroboration, p. 51
Disposition reporting · June 2025
Acquisition and sale prices are not profit, IRR or an equity multiple. Capital improvements, financing, fees, distributions and investor cash flows must be reconciled before any return claim.
Current sponsor involvementWinn-Dixie Tampa
13508 N Florida Avenue · TampaA grocery-occupied property acquired in August 2020 through a sponsor/co-investor transaction. Borluv reports continuing sponsor involvement and evaluation of complementary uses.
View transaction facts
The property was acquired for $8.3 million on August 4, 2020, involving BD Coral Way Retail LLC and WDTampaRGA LLC. This is the property transaction price, not Borluv-only invested equity.
Borluv reports Winn-Dixie occupation as of September 2026. No current occupancy percentage, valuation, yield or development completion is represented.
Historical property listingSponsor/co-investor experience as of September 2026. The property is not a Fund One holding.
03 / The long-hold thesis
If replacing it gets harder,
owning it may matter more.
When the cost to deliver comparable new space rises, well-located existing buildings may gain a competitive advantage. But tenants still need to want the space, the acquisition price must make sense and the asset must remain competitive. Replacement cost is a reference point, not a price floor.
Recent construction-price pressure
The U.S. final-demand construction PPI rose 5.3% year over year in August 2026. Its monthly change was flat.
BLS · September 10, 2026Labor can constrain delivery
Of respondents to the 2026 AGC/NCCER workforce survey, 42% reported project delays caused by worker shortages.
AGC / NCCER · September 3, 2026Income and financing still set the test
The Federal Reserve reported stabilizing CRE prices after significant declines, alongside refinancing and forced-sale risks.
Federal Reserve · May 2026The ten-year lens
Small annual changes.
A different cost to rebuild.
Explore an illustrative replacement-cost index over ten years. Change the annual rate to see how the arithmetic changes, including when costs decline.
Illustration only. Rates are assumptions, not forecasts. The index does not model property value, rent, income or investment returns. Construction costs can decline, and higher costs can also increase an owner’s capital expenditure.
Illustrative cost index
Today = 100148
Today = 100148
4% annual change · 100 today becomes 148 in year 10
What can go wrong: construction costs may fall or stabilize. Higher costs can also increase repairs and capital expenditure. Weak demand, tenant defaults, vacancy, obsolescence, higher rates, insurance costs and refinancing constraints can reduce income and value. A long holding period does not eliminate these risks.
04 / People & platform
An operating foundation.
A new capital chapter.
Established in Florida in 2013, Borluv Developments focuses on acquisitions, repositioning, development and asset management. Named people and clearly defined responsibilities sit behind the sponsor’s work.
Alexander
Boria
Founder & InvestorBorluv Developments
Leads deal sourcing, transaction negotiations and investor relationships. Listed as manager of Borluv Capital, LLC in the Florida corporate registry.
Cesar
Lang
Chief Executive OfficerBorluv Developments
Leads strategy, operations and execution, drawing on a background in design, development and operational systems.
These are corporate sponsor titles; Fund One governance, decision rights and manager responsibilities remain subject to final documentation.
2013
Borluv Developments, LLC
established in Florida
2020
Winn-Dixie Tampa
acquired with co-investors
2021
JFK Medical Plaza
acquisition and repositioning
2024–25
Delia Plaza joint acquisition;
JFK Medical Plaza disposition
2026
Borluv Capital, LLC filed;
Fund One strategy proposed
05 / Fund One
Patient ownership.
Active stewardship.
A proposed strategy for acquiring and operating existing commercial real estate. The working horizon is approximately ten years, with each asset continually evaluated against its income, capital needs and alternatives.
$100M
Proposed target raise
A fundraising objective, not committed capital, AUM or a representation that the offering is open. Final terms and offering materials are not yet available.
- Proposed strategy
- Acquire existing commercial property and actively manage the asset-level business plan
- Operating lens
- Tenant demand, local market knowledge, capital improvements and replacement economics
- Time horizon
- Approximately ten years as a working thesis, not a finalized fund term or promised exit
- Final mandate
- Markets, sectors, investment sizes, leverage, fees, governance and eligibility to be set in governing documents
Establish
the basis
Test rents, tenant quality, local supply, comparable sales and fully costed capital requirements.
Challenge
the downside
Model rollover, vacancy, insurance, weather exposure, expenses, debt maturity and refinancing stress.
Manage
the details
Deliver the approved leasing and improvement plan while monitoring reserves and asset performance.
Keep
perspective
Compare continued ownership, refinancing and sale based on conditions and final fund documents.
06 / Investor diligence
Conviction deserves
documentation.
A fund relationship begins with evidence. Any fund discussion requires clear terms, ownership attribution and properly documented performance information.
This website does not accept investment subscriptions or commitments.
- Sponsor & asset evidenceCompany background, accountable people and documented property-level experience
- Attributable track recordAny performance presentation must identify entity interests, cash flows, capital costs, debt, fees and investor-level results
- Fund terms & governanceMandate, legal structure, decision rights, economics, liquidity and eligibility to be finalized
- Professional reviewFinal offering documents, risk disclosures and substantiated claims require qualified professional review